Are There Actually More Homes for Sale Right Now?
If you're thinking about making a move, you'll want to have the most up-to-date information on the housing market. To that end, here's an update on the current supply of homes for sale. The number of available homes in your local market is important to you whether you're looking to buy or sell. Take a look at the images below.
What Is the Real Story Behind Today's Housing Inventory?
While the story has been about how few homes are on the market in recent years, recent national data may have you confused. That's because, according to Realtor.com, inventory is actually increasing slightly month over month in many parts of the country (see the blue states in the map below):
According to the map, national housing supply increased by slightly more than 5% last month.
Is this the end of the days of limited inventory?
That may make you wonder: are the days of scarce housing supply over? The simple answer is no. Context is essential. While headlines may claim that inventory is increasing, data shows that there are still significantly fewer homes for sale than there would be in a more normal market.
The graph below compares the most recent active listing counts (homes currently for sale) with the most recent normal housing market years (2017-2019):
According to Lance Lambert, Founder of ResiClub Analytics:
“Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket.”
What does this imply for you? Remember that real estate is extremely local. Working with a reputable real estate agent will provide you with a better understanding of the inventory situation in your particular market.
If you're looking to buy, you may have a few more options than in recent months, but you should still expect low inventory. A great agent will be able to share their knowledge and key strategies that have assisted other buyers in navigating today's ongoing housing shortage.
And, if you're trying to sell, you can be confident that you haven't missed your chance to receive multiple offers or have your home sell quickly. While inventory has increased slightly nationally, it remains low and may be even lower in your area.
Let's connect if you're looking to buy or sell a home so you can stay up to date on all the latest trends that could affect your move, including today's housing supply.